Wrecking Ball

Disappearing Dive Bars: Smith’s Is Next To Go

Smith’s Bar will open for the last time this Thursday. (Rob Nguyen Flickr Creative Commons)

The business landscape of New York is constantly changing–which makes it especially sad to see those with the longest histories number among the casualties. Smith’s Bar is the latest, according to Vanishing New York, after a 60-year run in its location at 701 Eighth Avenue at 44th Street.

Smith’s will close this Thursday due to issues with its lease. The dive bar, which opened in 1954, has mostly maintained its unique charm, even after new owners bought the place “somewhere around 2009.” Its website now directs to its affiliate, Social Bar. Read More

Mortgage Observer

Zeckendorfs Lock Down $450M For 520 Park Avenue

A rendering of 520 Park Avenue

Remember that $130 million penthouse? The record-breaking listing made waves after developer Arthur Zeckendorf revealed the nine-figure asking price for the triplex penthouse at his 520 Park Avenue to Bloomberg News this September.

Now, Mr. Zeckendorf, who with his brother William forms the development team behind much of the city’s fanciest—and most elegant—housing, is one step closer to making some Russian oligarch’s dreams of cash stashery come true. The Zeckendorfs closed on a $450 million construction loan to build the 31-unit Park Avenue condominium tower earlier this month, a source close to the deal told Mortgage Observer. The mortgage has not yet hit city records. Read More

Postings

Postings: Icon Candy

Rockefeller Center.

While more firms are focusing their office space searches on Midtown South and Downtown, Midtown saw its 17th consecutive quarter of increased asking rents in the third quarter to $70.29 per square foot from $69.81 per square foot a quarter earlier, according to JLL’s third-quarter report.

With that in mind, Commercial Observer decided to look at a few of Midtown’s most prestigious addresses to see what rents they are seeking from tenants on a per-square-foot-basis. Read More

The Plan

The Plan: View the Space’s Office at 142 West 36th Street

View the Space's office at 142 West 36th Street.

View the Space, a cloud-based commercial real estate leasing start-up, has moved into its new digs after slumming it on West 30th Street. The firm’s new space, designed by The Mufson Partnership, spans 7,400 square feet on the entire 12th floor at Herald Square Properties’ 142 West 36th Street just off Broadway.

VTS was delivered turnkey space with exposed ceilings and ductwork as well as polished concrete floors. Read More

Lease Beat

Immigration Law Firm to Relocate in Financial District

11 Hanover Square

The Law Offices of Grinberg & Segal will move southeast from its current location near the World Trade Center on Nov. 1 through a 10-year, 3,832-square-foot lease at the Beekman Estate‘s 11 Hanover Square at the corner of Hanover and Beaver Streets, Commercial Observer has learned.

The immigration-focused firm will expand from its current office at 111-115 Broadway into a full-floor space where asking rents ran in the mid-$30s per square foot on the 10th floor of the property, said Gabe Whitman, who represented the tenant under his eponymous brokerage. Read More

Feature Story

With New Office, Greycroft Partners Brings Downtown Cool to Midtown

Inside Greycroft Partners' new office in Midtown.

When Alan Patricof, the managing director of Greycroft Partners, was looking to lease space for his technology oriented venture capital firm, he was laser-focused on finding an office in a hip Manhattan neighborhood with a Silicon Valley vibe.

Read: Downtown.

But after searching for five months, Mr. Patricof had come up short, deterred by skyrocketing rents and poorly-planned spaces. Read More

Mortgage Observer

Brokers and Lenders on the Rise

25 Photos

25 under 35 MO26

What is an industry without a promising crop of rising stars? While commercial real estate lending is often cast as a rigid establishment of older gentlemen, a number of dynamic young brokers are making their name across the East Coast—and giving their more senior counterparts a run for their money. Read More

Cover Story

Midtown’s Transit Hubs Revamp Retail on Grand Central Model

Grand Central Terminal

The Metropolitan Transportation Authority shuttle train from Grand Central to Times Square delivers riders across Midtown in just two minutes, by Commercial Observer’s watch. Yet the two vast hubs that hundreds of thousands of commuters and tourists stream through every day exhibit retail options as far apart as the 15,000-square-foot Apple Store on the east balcony of Grand Central Terminal and Adam Chowdury’s 600-square-foot family music and electronics outlet underneath Eighth Avenue in the Times Square-42nd Street Station.

But that disparity between the retail at Grand Central and those at other bustling Midtown transit stops at Times Square, Penn Station and Columbus Circle won’t last forever. Read More

Mortgage Observer

Chasing the Dream: Chad Tredway Tackles the Middle Market

Chad Tredway of Chase CTL East (Francesco Sapienza)

This spring, Chad Tredway became the youngest senior manager among J.P. Morgan Chase & Co.’s commercial real estate lenders as well as the youngest managing director at the commercial bank.

While tasked with building multifamily business for the country’s largest bank, with $2.5 trillion in assets, Mr. Tredway came into this position without family connections or Ivy League bragging rights. Read More

Lease Beat

Small Biz Lender Subleases in Chelsea

333 Seventh Avenue

Small business loan provider QuarterSpot has moved from the Financial District to Chelsea through an 18-month, 3,844-square-foot sublease at Samco Properties‘ 333 Seventh Avenue, Commercial Observer has learned.

The company has taken over space that the nonprofit Human Rights First organization vacated late this summer, grabbing a portion of the 14th floor of the property where asking rents ran for $30 per square foot, said Gabe Whitman, a former Cushman & Wakefield broker who started his own eponymous tenant brokerage in May. Read More

Mortgage Observer

Williamsburg Rental Project, 10 Years in the Making, Gets Takeout Loan

64 Bayard Street

Witold Brend of Brend Development Corporation, the owner of a 53-unit Williamsburg luxury rental development, has secured a $26.5 million permanent take-out loan against the newly minted building, Mortgage Observer has exclusively learned. 64 Bayard Street, which sits just off McCarren Park, hit the market last December.

The 53 units, which include six penthouses, are fully occupied, said a source close to the deal. Read More

Lease Beat

Shyp Docks at Brooklyn’s Industry City

Industry City. (Industry City)

Shyp, the San Francisco-based shipping startup, signed a 10-year lease for its first permanent New York office in Brooklyn’s Industry City.

First reported by Crain’s New York Business, Shyp has already moved into its 14,000 square foot space, which is now serving as the company’s central packaging and distribution facility for New York City and the center of its East Coast operations. Read More

Lease Beat

Tech Firm Expands, Relocates to Flatiron District [Updated]

22 West 19th Street

Meal delivery service Plated will expand to a headquarters nearly three times as large as its existing footprint by relocating in December to the Kaufman Organization‘s 22 West 19th Street in the Flatiron District.

The “rapidly expanding firm that outgrew its existing 3,850-square-foot space” at 36 Cooper Square in Greenwich Village will move through a five-year, 11,000-square-foot lease at the property with asking rents in the high $50s per square foot, Kaufman officials said. Read More